02.09.2014

Haulotte maintains pace of growth

Haulotte has published its first half results with sales up almost 18 percent and profits both rising at an even higher level.

Total revenues for the period were up 17.6 percent to €207.2 million, made up of an 18 percent increase in machine sales to €176.7 million, while rental was roughly flat at €10.8 million and services jumped almost 21 percent to €19.7 million. The growth came from Europe, up 29 percent, North America up 26 percent and Asia Pacific up 22 percent. South America meanwhile continued to decline, falling 31 percent.

Haulotte has yet to release a full set of financials but does state that operating income improved 47 percent to €13.5 million, while net income after tax was €10.3 million. This compares with just €4 million in the same period last year, although the company did post a one off gain of €7.9 million which took the consolidated net profit up to €11.9 million.

Based on the first half and activity since the end of June, Haulotte is forecast revenue growth of around 15 percent this year.

Vertikal Comment

A very positive result from Haulotte which while it might not be quite as strong as one or two of its major competitors, is very solid as reflected in its improving bottom line. The company is working hard to build a widespread and sustainable growth pattern this time round, that is less reliant on major one-off multi-unit keenly priced deals that often led to rapid but unsustainable growth in the distant past.

The ongoing improvement in sales to North America is also noteworthy as the company finally appears to have found stability in what is a tough market for outsiders.
2014 looks like it will be a good year, and with Southern Europe still to come out of the downturn, the future looks bright.